US News: Coterie Raises $8.5m to Boost Development of Commercial Lines

Coterie is pleased to announce that, in our continuing efforts to modernize the way commercial insurance is built and distributed, we’ve closed an oversubscribed Series A financing round totaling $8.5 million from RPM Ventures, Allos Ventures, and others. Previously, the company raised $3.15 million bringing total venture funding to $11.65 million.

“We’re incredibly fortunate to partner with such great investors to push the commercial insurance space forward. Their experience in the insurance, freelance, and B2B2C space is going to be highly beneficial as we expand,” said David McFarland, Founder and CEO of Coterie. “As a team, we’re all excited about the opportunities we’re seeing. This raise will enable us to bring many of those to fruition.”

Coterie was founded to modernize commercial insurance. The way business gets done is rapidly evolving, but insurance to protect those businesses, isn’t. Coterie is changing that by providing new insurance products, sold in new ways, through new technology.

“We are thrilled by the opportunity to partner with Coterie to fundamentally change the way commercial insurance is distributed. Our excitement, and belief in this team, comes from our long history of investing in industry-changing companies within the insurance and financial services markets”, said Adam Boyden, a Partner at RPM Ventures.

The deployment of the Series A capital will be focused on two main priorities for our continued growth – customer acquisition and operations.

“As active investors in the Midwest, we know the leadership team at Coterie well and are excited to now be working alongside them. We love backing founders with both deep domain expertise and operating experience who are running after industry-changing ideas”, shared John McIlwraith, a Managing Director of Allos Ventures.

Investors in this Series A included: RPM Ventures, Allos Ventures, Western & Southern, Intercept Ventures, Frontier Venture Capital, and Sure Ventures as well as several former executives from the property and casualty insurance industry.

About alastair walker (3081 Articles)
20 years experience as a journalist and magazine editor. I'm your contact for press releases, events, news and commercial opportunities at Insurance-Edge.Net

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